Reconsidering Colonial Maryland's Bills of Credit: 1767-1775
12 Pages Posted: 24 Jan 2018
Date Written: January 3, 2018
In a recent article in the Economic History Review, Celia and Grubb liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.
Keywords: colonial, Maryland, currency, bills of credit, redemption theory, backing theory, money, monetary history
JEL Classification: N11, N21, N41, E59
Suggested Citation: Suggested Citation